Gradient Investments LLC Invests $5,711,000 in Penske Automotive Group Inc. (PAG)
Gradient Investments LLC purchased a new position in Penske Automotive Group Inc. (NYSE:PAG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 118,531 shares of the company’s stock, valued at approximately $5,711,000. Penske Automotive Group comprises about 0.6% of Gradient Investments LLC’s holdings, making the stock its 29th largest position. Gradient Investments LLC owned approximately 0.14% of Penske Automotive Group at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Pacer Advisors Inc. bought a new position in Penske Automotive Group during the second quarter worth approximately $122,000. Panagora Asset Management Inc. bought a new position in Penske Automotive Group during the second quarter worth approximately $159,000. Teacher Retirement System of Texas boosted its position in Penske Automotive Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,279 shares of the company’s stock worth $198,000 after buying an additional 763 shares in the last quarter. Suntrust Banks Inc. boosted its position in Penske Automotive Group by 8.0% in the second quarter. Suntrust Banks Inc. now owns 6,675 shares of the company’s stock worth $208,000 after buying an additional 492 shares in the last quarter. Finally, Pacad Investment Ltd. bought a new position in Penske Automotive Group during the second quarter worth approximately $252,000. 41.25% of the stock is owned by institutional investors and hedge funds.
Penske Automotive Group Inc. (NYSE:PAG) traded up 0.87% during midday trading on Monday, reaching $48.86. 590,831 shares of the company were exchanged. The company has a 50-day moving average of $46.05 and a 200 day moving average of $41.18. The firm has a market capitalization of $4.16 billion, a PE ratio of 12.84 and a beta of 1.41. Penske Automotive Group Inc. has a 52 week low of $29.29 and a 52 week high of $50.63.
Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, October 26th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.02. Penske Automotive Group had a net margin of 1.64% and a return on equity of 18.88%. The business earned $5.20 billion during the quarter, compared to analyst estimates of $3.10 billion. During the same period last year, the firm posted $0.96 EPS. The company’s revenue was up 3.9% on a year-over-year basis. Equities analysts predict that Penske Automotive Group Inc. will post $3.91 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Thursday, November 10th will be issued a dividend of $0.29 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Tuesday, November 8th. Penske Automotive Group’s dividend payout ratio (DPR) is 30.45%.
PAG has been the subject of a number of recent research reports. Zacks Investment Research lowered shares of Penske Automotive Group from a “hold” rating to a “sell” rating in a report on Monday, October 3rd. Evercore ISI lowered shares of Penske Automotive Group from a “hold” rating to a “sell” rating and set a $39.00 price objective for the company. in a report on Thursday, October 13th. Gabelli lowered shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Thursday, September 15th. Stifel Nicolaus lowered shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a report on Friday, September 16th. Finally, Seaport Global Securities initiated coverage on shares of Penske Automotive Group in a report on Tuesday, August 9th. They issued a “neutral” rating for the company. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $39.00.
In related news, major shareholder Corp Penske acquired 327,602 shares of the business’s stock in a transaction on Friday, September 9th. The stock was acquired at an average cost of $48.07 per share, with a total value of $15,747,828.14. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Shane M. Spradlin sold 4,900 shares of the firm’s stock in a transaction on Monday, September 12th. The shares were sold at an average price of $48.31, for a total transaction of $236,719.00. The disclosure for this sale can be found here. Company insiders own 37.20% of the company’s stock.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc is a transportation services company that operates automotive and commercial vehicle dealerships in the United States and Western Europe. The Company distributes commercial vehicles, diesel engines, gas engines, power systems and related parts, and services in Australia and New Zealand.
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